Crypto Bill Fails in Senate Vote Amid Industry Setbacks
The Senate's failure to advance the Clarity Act has dealt a setback to the crypto industry's efforts to gain mainstream acceptance. The bill, which had been seen as a potential catalyst for clearer regulations in Washington, was denied a chance to move forward in a procedural vote on September 15.
Crypto exchange Coinbase Global Inc. saw its stock price drop by 10%, while stablecoin issuer Circle Internet Group Inc. declined more than 11%. Bitcoin also felt the impact, dropping as much as 5.3% to below $75,000 after the bill's failure.
The odds of the bill passing had been declining in recent months, with key Democrats lining up against it. Despite this, its rejection is still seen as a significant blow to the crypto industry's efforts to gain traction on Wall Street.